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Annu Projects IPO Review

Annu Projects IPO has been reviewed by 7 analysts, and the overall consensus is Apply — carrying a score of 67. Out of the 7 analysts who have covered this IPO, 4 recommend subscribing while 3 advise caution or avoidance — reflecting a broadly positive view from the analyst community.

The issue is priced in the band of ₹94-99 per share, with a minimum application size of 151 shares (minimum investment of approximately ₹14,949 at the upper band). Subscription ran from 25 Aug 2026 to 28 Aug 2026. The issue size is ₹175 crore, entirely a fresh issue. As of now, the grey market premium (GMP) for Annu Projects IPO is quoting at ₹-7 (-7.07%), which gives a preliminary sense of how the street is pricing the listing — though GMP is unofficial and can swing sharply before the listing date. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
67/ 100
Apply 4 of 7 recommend subscribing
How analysts voted
Apply 4
May apply 1
Avoid 2
Not rated 1

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

Annu Projects has built telecom, sewerage, gas pipeline and railway signalling infrastructure since 2003, completing 362 projects across eleven states with an owned fleet of over 558 machines. Revenue grew at 25.2 percent CAGR and profit at 37.8 percent over FY24 to FY26. But analyst views are split: three said subscribe, one was neutral, one said avoid outright and one gave no rating.

Listing gains

Pricing leaves little room. On post-issue EPS of ₹5.04 the ₹99 band works out to about 19.6 to 20 times FY26 earnings, with market cap near ₹648 crore, while peers trade between 15 and 32 times. That is fair rather than cheap, and the divided analyst view offers no strong support. A flat to muted listing is the reasonable expectation.

Short-term strategy

The near-term concern is real. Operating cash flow was negative in both FY25 and FY26, which is exactly why one analyst gave an outright avoid, and borrowings have risen sharply. Against that, an order book of about ₹1,005 crore, a book to bill of 3.89 times, and L1 status on a ₹918.55 crore BharatNet package give work visibility. Stay cautious until cash improves.

Long-term strategy

Four verticals give exposure to several government spending themes, and the growth record is strong. But concentration is severe: telecom and sewerage alone give over 90 percent of revenue, government entities 57 percent, and the top ten customers 98 percent. Every analyst note flags this. Long-term value depends fully on collections improving and the client base widening, so it suits risk-taking investors only.

How this is written: an AI-assisted summary of the 8 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Latest IPO reviews

How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for Annu Projects IPO?

The analyst consensus for Annu Projects IPO tracked on this page is Apply, with a score of 67/100. Out of 7 analysts who have reviewed this IPO, 4 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 67 mean for Annu Projects IPO?

The score of 67 is an aggregate of all analyst ratings tracked for Annu Projects IPO. A score in this range reflects mixed views — some analysts are positive while others are cautious. Read the individual analyst verdicts above for more context.

What was the actual listing price of Annu Projects IPO?

Annu Projects IPO listed on September 2, 2026 at ₹72, against the issue price of ₹99 — a loss of -27.27% (₹27 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Annu Projects IPO?

Annu Projects IPO was priced at ₹94-99 per share. The minimum lot size is 151 shares, making the minimum investment approximately ₹14,949 at the upper end of the price band. Subscription ran from 25 Aug 2026 to 28 Aug 2026.

Explore Annu Projects IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Annu Projects IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
Apply
Score
67 / 100
Listed at
₹72
Full IPO details